Since February, most U.S. small businesses have been increasing their employment rates. Hiring conditions haven’t improved yet, and COVID-19 is still making the uncertainty even greater. To know how to hire more employees and discover an exceptional merchant service provider, let’s go through the lines below.
Unemployment Caused by COVID-19
The economic situation in California has been hurt by COVID-19 severely. The administration’s orders forced so many businesses shut their doors for months to prevent the disease from spreading.
In April, 2.4 million jobs were closed in California. This is more than the number of jobs closed during the Great Recession 10 years ago. Later, almost 1/3 of those jobs were opened. However, still the state’s unemployment rate accounts for 13.3%. This number is higher as compared to the one registered during the Great Recession.
The recent survey in the field shows some improvement in the labor market where the employment rate is below pre-crisis levels. A net 18% of companies in the NFIB (National Federation of Independent Business) poll offered higher compensation in August, which was up 3 percentage points from July and well below the 36% share before Covid-19.
Merchant Service Provider to Overcome COVID-19 Crisis
21% of small businesses having participated in a recent survey were searching for ways to grow the employment levels. Companies that employ 100 or more people showed the greatest probability to increase the employee levels in the 2nd half of 2020, as The Harris Poll’s new report revealed.
Given the current challenging times in the country, it becomes of higher importance to work only with a secure and reliable payment processing company. To find one, you just need to turn to a true payments comparison specialist in the U.S. that can help you with the right merchant service provider for your own financial needs.
By the way, 22% of companies in the index (the CBIZ Small Business Employment Index (SBEI)) has increased the employment levels, and 51% reported consistent employment. Besides, 27% decreased the employment levels.
To conclude, though hiring conditions haven’t completely improved, the biggest share of the U.S. small businesses since February 2020 plan to add workers in the upcoming months. If you need access to the most advanced and the lowest cost merchant services, shop around to find the best processor for your own financial needs.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant service provider. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.